State-owned Dubai property developer Nakheel has restructured $16 billion of debt, Financial Times reports. The trade creditors have already secured 40% via cash payments. The five-year Islamic bonds issued to trade creditors carry a coupon rate 10%.
Nakheel has also restructured $2.19 billion of bank debt, extending loan maturities by five years. The restructured debt also included $8.71 billion owed to Dubai Government that has been converted into equity, adds Gulf News.
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